OREANDA-NEWS. August 16, 2007.  OTKRITIE Financial Corporation is pleased to announce the completion of joint venture for its recently acquired office and hotel complex due to be developed in the Paveletskaya business area. The total private placement of equity came to US$132m.

 The project will involve the construction of four eleven-story class A office buildings and one twelve-story hotel for 170 rooms for total floor area of 110,000 m2.

 The Deutsche Bank’s Global Commercial Real Estate Group was the lead investor in a consortium of international investors including the private equity fund, Starr Capital International, who provided a significant investment, as well as US-based hedge funds, Old Lane and Artha Capital. Deutsche Bank Global Commercial Real Estate has also provided a development loan to fully fund the construction costs of the project.

OITKRITIE Financial Corporation has also participated in the funding as well developing the investor syndicate with CA-IB New York, part of UniCredit Markets and Investment Banking .

 "The main purpose in the unique structuring of this project is to create an evolutionary new methodology for attracting Western investors to large scale investment projects in Russia", - declared Vadim Belyaev, General Director of the OTKRITIE Financial Corporation.

OTKRITIE Financial Corporation will continue to manage the project implementation and construction. The developer of this project will be OTKRITIE-Realty along with general contractor Strabag AG.